Not later than November 1, 2015, and annually thereafter, The University of Connecticut and the Board of Regents for Higher Education shall submit a report, in accordance with the provisions of section 11-4a, to the joint standing committee of the General Assembly having cognizance of matters relating to higher education describing how institutional financial aid was awarded to its undergraduate students during the previous academic year. Such report shall include, but need not be limited to, a separate description for in-state and out-of-state students of the aggregate amount of institutional (1) financial aid funding available, (2) need-based financial aid awarded, and (3) merit-based financial aid awarded.